The Lagos State Special Offences Court has approved bail of N50 million for Godwin Emefiele, the former Central Bank Governor entangled in legal woes. This decision comes amidst allegations involving a 26-count charge, accusing him of abusing his office and irregular allocation of $4.5 billion and N2.8 billion.
Justice Rahmon Oshodi, on Friday, granted bail to Emefiele, stipulating two sureties to provide bail bonds of equal value, as mandated by the court.
Monday’s report from Africa Today News, New York, revealed that the Lagos court instructed Emefiele to go back to the custody of the Economic and Financial Crimes Commission.
Justice Rahman Oshodi made the remand order shortly after the anti-graft agency arraigned Emefiele on 26 counts bordering on “abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.”
In the substance of the charges, the EFCC alleged that he abused his office while he was CBN governor through alleged allocations of $4.5bn and N2.8bn.
Read also: Abuse Of Office: Court Remands Emefiele In EFCC Custody
However, in his ruling today, Oshodi held that the sureties must be gainfully employed and have paid the three years’ tax of the Lagos State government.
He also ordered that the sureties must show proper identification and be registered in the Lagos State Bail Management System.
The judge stressed that he was satisfied with the bail conditions of N1 million, earlier given to Mr Emefiele’s co-defendant, Henry Isioma-Omoil, who is standing another charge before Justice Olufunke Sule-Hamzat in the Yaba Division of the Lagos High Court.
He also maintained that the bail documents must be transferred to the special offences court and registered in the LSBMS.
Emefiele’s woes began just after the last administration led by former president Buhari ended. President Tinubu Took over, and with Emefiele stripped off his immunity as the Governor of the Central Bank Of Nigeria, he was suspended and the EFCC began their legal battles against him.